M&As: DSM completes sale of Fibrant’s caprolactam business to Highsun; Indorama completes buy of tyre cord maker

DSM completes sale of Fibrant’s caprolactam business to Highsun

Dutch chemicals firm DSM has completed the sale of Fibrant BV and 60% of the shares of Fibrant China to the Highsun Holdings Group Ltd.

Through the joint venture Chemicalnvest, DSM and CVC Capital Partners indirectly owned 35% and 65% respectively of the shares of Fibrant BV and in the same proportion 60% of the shares in Fibrant China. The transaction was announced on 17 May 2018. DSM anticipates receiving about EUR200 million in cash related to this transaction, which is expected to be received in various steps in 2018 and 2019.

DSM still owns 19% in AOC Aliancys (the composite resins joint venture with CVC) and 35% in AnQore (the acrylonitrile joint venture with CVC).

In other news, integrated chemicals supplier Indorama Ventures Public Company Limited (IVL) has completed its acquisition of Kordárna Plus a.s., the largest producer of tyre cord fabrics in Europe.

Indorama Ventures previously announced its agreement to acquire Kordárna on 29 June 2018. The acquisition is said to fit perfectly with IVL’s strategy to further grow the high value-added automotive segment and to establish itself as a major global supplier to the fast-growing tire industry.

Kordárna is the largest independent producer of tyre cord fabrics in Europe, with two production sites in Slovakia and the Czech Republic that have a combined tyre cord and technical fabrics production capacity of 50,000 tonnes/year. The company employs 786 employees.

The acquisition reinforces Indorama’s position in the tyre cord market, creates significant growth opportunities and enhances its flexibility to serves the tyre industry as a global solution provider.

Aloke Lohia Group CEO of Indorama Ventures, said, “The acquisition of Kordárna is another demonstration of our aspiration to become a world-scale supplier to the automotive industry. Following the acquisitions of PHP, Performance Fibres and Glanzstoff, Kordárna is evidence that we continue to strive to establish a position as a major global supplier in what is a very dynamic environment. Combining our forces will create countless opportunities in enhancing our products and processes to become a provider of sustainable solutions to the industry.”


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©2018 Plastics and Rubber Asia. All rights reserved.

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